MegaSack DRAW - This year's winner is user - rgwb
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Hello again, I wonder if anyone can offer me any advice because my head is in a spin and I’m a bit confused.
I do ride a bit here where I live in Europe but this is about the place I own, a leasehold apartment in London.
The building is divided into four separate apartments, all of different sizes. Mine, No 4, is the smallest. The current Freeholder ‘B’ lives in Flat 1.
At the moment ‘M’ the owner of Flat 3 will buy Flats’ 1,2 and 3 shares of the Freehold and I’ll purchase my share, Flat 4. The sum now agreed payable to B (the freeholder and owner of Flat 1) is £25000 plus her and our costs incurred from the valuers and solicitor’s fees.
I’m happy if the total costs are apportioned with regards to the values of the freehold of the different flats as I feel this is fair. I feel that this is particularly fair as both flats 2 and 4 have now shown an interest in purchasing their share of freehold. Flat 4’s new owner has approached ‘M’ (the owner of Flat 3) to see if this is possible.
M’s advice is to get the sale done as above and then Flats 2 and 4 can approach him to buy their share should they wish to.
I’m wondering if this is in my best interests.
And…
I’m also wondering at what stage should the allocation of parking and the roof spaces demised to individual flats take place? Should this be before or after the share of freehold is agreed? I assume new leases will have to be drawn up presumably by our solicitor so perhaps it is then. At present Flats 1 and 3 have a parking space allocated to them at the front of the house in their lease but the other flats don’t. There is room for 4 or 5 cars. At the moment Flat 1, (the present Freeholder) has been parking a car and a large decrepit work van that takes up more than one space, while Flats 3 and 2 each park one vehicle. I really would like a parking space.
Any advice would be really appreciated!!
Shannon
My advice is to get a solicitor, pronto - and I suggest the other lessees do the same.
Leasehold, even when set up by a <cof> 'professional' property developer, is a bally minefield and none of the parties you've mentioned above can offer you sound advice or be trusted to act in anything other than their own interests.
My memory is pretty hazy, but if the owner of the lease wants to sell, any lessee that has owned their property for more than two years is in a position to buy it. Expect a silly first offer from the holder of the lease which may be knocked down a bit by a competent solicitor or arbitration.
In terms of demised bits and bobs, then whatever you're entitled to should be in your lease.
I know enough about this from past experience to know that really, you want an expert on your side. So get suggestions for a competent solicitor - they are very much worth the money in this situation. I am not a solicitor, and I have never played one on daytime TV. Seriously, get proper legal advice rather than asking on t'internet.
Thanks 🙏 for the advice. Both I and the other flat owner purchasing the share of
freehold jointly have a solicitor who I think has done a good job negotiating the purchase of the share of freehold on our behalves. Although the whole process has taken a year!
Just unclear as to whether I should be bothering the solicitor at this stage about the allocation of parking/ demised spaces as well as trying to get the new flat owner of Flat 4 onboard, who unlike the previous owner does want to also purchase a share of freehold, before we go ahead with the purchase. Or should we do all this after the freehold has been purchased? This is what the other flat owner who is at present purchasing three out of the four flats freeholds suggests we do.
Perhaps I should just go ahead as you suggest and ask the solicitor for advice...although someone said because she is acting for both purchasers there could be a conflict of interests? 🤪
I have done a few leaseextensions into virtual thresholds, ie, 999 years. On one occasion say 3 of 50 did not, or could not afford, to participate. So I bought an extra share, nice earner as when the shortish leasehold was sold the new owner wanted to buy the extended lease. Values are exponential.
're loft space I have a top floor one and although have access to loft am not allowed to use it.
Our case went to court as freeholder wanted stupid money, we got it for much less. Then he didn't want to pay the legal bills, it was a professional property so knew exactly what they were doing.
If u Google case law ours my come up, it went on for ages. We are all glad we got rid of them.